Business Case: Financial Intelligence Fights Fraud 1. Explain FinCEN’s mission a
ID: 3698632 • Letter: B
Question
Business Case: Financial Intelligence Fights Fraud 1. Explain FinCEN’s mission and responsibilities. 2. What data and IT problems were limiting FinCEN’s ability to fi ght fi nancial crime? 3. Describe the IT upgrades and capabilities needed by FinCEN in order to achieve its mission. 4. On what does fi nancial intelligence depend? 5. Why is the ability to identify patterns and relationships critical to national security? 6. Research recent fi nancial crimes that FinCEN has detected and disrupted. Explain the role of data analytics in crime detection
Explanation / Answer
FinCEN’s mission and responsibilities:
(2)Implementing the analytical capabilities, technology infrastructure and organizational changes FINCEN needed to combat today's array of financial crimes, was an inherently difficult and complex undertaking, because the project was not simply an analytics implementation but a boarder technology transformation, a variety of skill sets are needed to execute the program, Multiple elements and interdependencies would need to be captured in the schedule to track progress and provide alerts when delays and errors occurred, Requirement management proved demanding from the outset of establishing initial program scope and as they routinely do in IT projects, new requirements and requirement changes caused disruption in the development and deployment schedules.
Finally meeting the needs of distinct user groups would complicate change management and user adoption initiatives, the analyst would need to learn which is more powerful and complex.
(3)effective application of analytics accelerates detection of patterns and relationship that reveal potential activity, it helps financiers regulatory system and reduce financial institution errors that delay the detection of suspicious activity, An advanced business analytics platform that provides FinCEN analyst, law enforcement agency coordinators and detailers with more reliable, flexible tools with improved analytic capabilities, to improve users ability to search, access and analyze BSA data, they built web-based application, which is authoritative search tool for authorized users to access FinCEN data,
(4)Financial intelligence is gathering of information about the financial affairs of entities of interest to understand, their nature and capabilities, and to predict their intentions, it depends on the (a) Data or transactional information, a large volume of transactional data using data mining or data matching techniques.
(5)The difficulties of determining to establish US national interests and establishing national security priorities are compounded by the increasing linkages between a number of national security and domestic policies, it is increasingly difficult to isolate national security issues from domestic policy, It is to be expected that in a country with a diverse population and multiple power centers there will be different interpretations as well as outright differences,,,
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